This program is exclusively for employers of CFMA general members and provides them with support, recognition, and a financial incentive for employing a college student in an accounting or financial capacity in a construction environment during the summer months.
Benefits for the employer
- Obtain qualified, motivated employees to work in their accounting and finance departments.
- Develop relationships with future full-time employees.
- Receive a check from CFMA to help offset the cost of the intern. The check will be 60% of the intern’s wages up to a maximum of $2,000.
- Get recognition from CFMA at various points throughout the year, including e-mail blasts, signage at events and golf outing, presentations of awards, pictures on the CFMA Chicago website, etc.
- Get support from CFMA to find potential interns.
In order to qualify, interns must be enrolled in an accredited college or university and majoring in accounting. A few universities may provide course credit to students enrolled in intern programs. Students are free to make arrangements for this on their own.
Employers are solely responsible for recruiting, hiring and training their own intern. CFMA will provide support via a mentor (intern committee member) that will be available to answer your questions regarding recruiting the intern and CFMA will provide a ½ day construction accounting training for your intern. Occasionally the intern committee receives intern resumes which will be forwarded onto the recipient companies after their acceptance into the program. CFMA will not be interviewing the potential interns and therefore makes no representations with respect to student resumes provided to the employers. Employers are encouraged to start the hiring process early and work with their human resources departments when recruiting and interviewing. Students begin lining up summer jobs early and the pool of qualified candidates will be decreasing as the school year nears an end.
Employers should determine their own interview and selection criteria, work duties, pay rate, and work schedule (there is a minimum of 250 hours required). Interns must be employed in an accounting or financial capacity in a construction environment during the summer months.
In selecting employer applications for this program, CFMA will give preference to factors such as a strong action plans, active CFMA general member participation, and duration of the intern experience. In order to assist us in our decision, please provide as much detail as possible regarding these areas.
TIMELINE (the 2019 deadlines will be posted soon)
March 15, 2018 – fully-completed application is due.
March 31, 2018 – employers will be notified of their acceptance into the program.
May 15, 2018 – employers need to advise CFMA of their intern’s name and start date.
June 2018 – Interns will receive a complimentary invitation to attend a ½ day tailored course of CFMA’s very popular seminar “The Basics of Construction Accounting” to help orient them to construction finance topics. There will be an intern only social outing at the conclusion of this seminar! Only interns will be invited to attend this event!
Mid-summer chapter social event – interns will receive a complimentary invitation to the chapter’s mid-summer social event. We encourage the employer to also send a representative to accompany the intern.
Mid-summer site visits – members of the CFMA Intern Committee will visit each employer to present a framed award, take pictures for purposes of posting on the CFMA Chicago website, and meet with the intern and others from the organization.
August/September 2018 – As the intern departs, both the intern and the employer will be required to provide CFMA with a letter of comments and suggestions regarding the program. It will be the employer’s responsibility to ensure that the intern provides CFMA with this documentation.
CFMA Annual Golf Outing – Participating employers are recognized and checks are handed out (assuming all requirements were met by both the employer and the intern – see item above). The intern will be offered a complimentary invitation to the golf outing dinner. Proceeds from the outing are used to fund the Accounting Intern Program.
Fall 2018 – For any participating employers whose interns did not depart in time to receive their award at the golf outing they will receive their check at the fall chapter meeting.
All of the requirements listed below must be fulfilled by the employer or their acceptance into the program may be subject to forfeiture.
- Complete the application and return it to CFMA by March 15, 2018, to be considered for the CFMA Accounting Intern Program.
- As part of the application, submit an action plan for the employer’s intern program. This plan includes information about the employer as well as details about the intern’s job such as location, supervision, hours (minimum of 250 hours), time frame, and proposed pay rate. All of these requirements are built into the application.
- Provide a detailed job description (duties) for the intern. Interns must be employed in an accounting or financial capacity in a construction environment during the summer months. We encourage employers to give the interns as much exposure to the construction industry as possible, therefore examples of some duties include:
- Working with Corporate and General Accounting (A/P, A/R, quarterly closings, payroll, and budgeting)
- Working with Project Accounting and preparing job schedules
- Assisting with contract billings
- Visiting job sites and assisting with bidding
- Working with financial reporting
- Provide CFMA with the intern’s name and start date no later than May 15, 2018.
- Provide CFMA with written comments and suggestions (from both the employer and the intern) at the end of the internship. These comments and suggestions will be used for marketing purposes and to strengthen the program in the future.
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